HomeInvestingUK pension fund USS wins appeal over fossil fuel investments Jul. 21, 2023 at 2:23 pmInvestingUK pension fund USS wins appeal over fossil fuel investmentsJuly 21, 2023no commentbritainClientEarthHigh CourtLondonSarah Asplinshell UK pension fund USS wins appeal over fossil fuel investments IN FOCUS Britain’s biggest private pension scheme on Friday won a ruling blocking a landmark lawsuit over its alleged failure to devise a credible plan to divest from fossil fuels in a London court. The 82 billion-pound ($103 billion) Universities Superannuation Scheme (USS) faced legal action from two of its members over its continuing investments in coal, natural gas and petroleum. Reuters Updated: 21-07-2023 19:53 IST | Created: 21-07-2023 19:53 IST Britain’s biggest private pension scheme on Friday won a ruling blocking a landmark lawsuit over its alleged failure to devise a credible plan to divest from fossil fuels in a London court. The 82 billion-pound ($103 billion) Universities Superannuation Scheme (USS) faced legal action from two of its members over its continuing investments in coal, natural gas and petroleum. The lawsuit was blocked last year by London’s High Court and the two academics behind the claim tried to revive the case at the Court of Appeal, which dismissed their appeal on Friday. Judge Sarah Asplin said in a written ruling that the parts of the lawsuit relating to USS investments in fossil fuels were an attempt to challenge the scheme’s management and investment decisions which was “bound to fail”. The attempt to bring the case on behalf of USS against its directors, which has also been attempted by environmental law charity ClientEarth against Shell, will be keenly watched by other pension funds and environmental groups. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.) Next Article {{Title}} {{#Subtitle}} {{Subtitle}} {{/Subtitle}}{{#Sector}}{{/Sector}} {{#Source}}{{Source}}{{/Source}}{{#IsBlog}} {{Themes}}{{/IsBlog}}{{#SourceUrl}} |{{SourceUrl}}{{/SourceUrl}}{{#Country}} |{{Country}}{{/Country}} Updated:{{ModifiedOnString}}IST | Created:{{PublishedOnString}}IST {{{Description}}}{{#Disclaimer}} {{Disclaimer}} {{/Disclaimer}} {{#Tags}} READ MORE ON {{{TagArray}}} {{/Tags}} LATEST NEWS Source link Tags :britainClientEarthHigh CourtLondonSarah Asplinshellshare on Facebookshare on Pinterestshare on LinkedIn share on Tumblrshare on Redditshare on VKontakteadd a comment Leave a Response Cancel replyCommentName Email Save my name, email, and website in this browser for the next time I comment. Brokers from around the world to gather in one placeDistrict of Massachusetts | Melrose Man Pleads Guilty to $375,000 Bank FraudYou Might Also LikeInvestingUK Raises North Sea Oil, Gas Taxes Amid Protest From Industry – BNN BloombergJuly 30, 2024Investing3 ways I could earn lifelong passive income from UK sharesJuly 30, 2024InvestingSingapore’s Temasek plans to invest up to US$30 billion in US over next five yearsJuly 30, 2024InvestingTemasek plans to invest $40 billion in US over next five yearsJuly 29, 2024FinanceNew UK government cuts billions of pounds of spending to fix ‘unsustainable’ financesJuly 29, 2024InvestingUnited States 12 Month Natural Gas Fund reports monthly financials By Investing.comJuly 29, 2024
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